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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net sales $ 460,736 $ 343,043
Cost of sales 200,690 138,941
Gross margin 260,046 204,102
Operating expenses:    
Sales, general and administrative 152,669 116,567
Research and development 91,097 70,927
Total operating expenses 243,766 187,494
Income from operations 16,280 16,608
Interest income, net 10,374 9,666
Other income, net 139,066 15,610
Income before provision (benefit) for income taxes 165,720 41,884
Provision for (benefit from) income taxes 32,502 (3,255)
Net income $ 133,218 $ 45,139
Net income per common and common equivalent shares:    
Basic (in dollars per share) $ 1.77 $ 0.62
Diluted (in dollars per share) $ 1.73 $ 0.61
Weighted average number of common and common equivalent shares outstanding:    
Basic (in shares) 75,355 72,638
Diluted (in shares) 77,132 73,880
Net income $ 133,218 $ 45,139
Foreign currency translation adjustments (801) 1,676
Unrealized gain (loss) on available-for-sale investments (106) 184
Comprehensive income 132,311 46,999
Product    
Net sales 272,048 219,389
Cost of sales 151,698 107,584
Service    
Net sales 188,688 123,654
Cost of sales $ 48,992 $ 31,357